in trouble being a guarantor
Hi Uncle,
I am the guarantor of a junior's study loan in NTU. it is 3.5 years since his graduation but he has not paid any money back to the bank and the bank said that they may take legal actions against him and me. the total amount is nearly SGD20,000.
The borrower is currently in China. I have tried to get his contact information and passed to the bank for them to negotiate with the borrower. I have talked to him and he said he would pay back the money but he just kind of delayed the payment now and then. I am quite worried that he may escape from his duty again. What can I do to make sure he pays back the money now and in the future? Should I report this to the police and sue this guy in China and Singapore? Should I get a lawyer in China?
If in the future, it ends up my paying back the money to the bank, what can I do to get the money back from this guy? or can I do something to punish this guy, say to appeal to void his education certificate as he is actually using my money to get the degree in that case?
Many thanks.
Liang